Tanjung Offshore Berhad sank deeper into losses in the third quarter as revenue dips, Seatrade Asia online reports. The Kuala Lumpur-listed company widened its net loss to MYR6.94m ($2.27m) in the quarter ended 30 September 2012 compared to a loss of MYR429,000 in the corresponding period of 2011.
Revenue dropped 3.1% year-on-year to MYR74m during the quarter. The reduction in revenue is mainly due to the completion of outstanding engineering equipment contracts, Tanjung Offshore said.
“We have implemented our business rationalisation exercise in the past nine months with the aim of reducing our overall costs and registering growth in our profitability in the near term,” the company said.
“We shall continue to enhance our services to the oil majors in their exploration, development of new oilfields, upgrade and maintenance of the existing and new offshore platforms, in particular various development programmes spearheaded by the national oil company, Petronas.”
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